New integration enables increased efficiency, faster funding for more lenders

North Hills, NY, June 10, 2019 – Teledata Communications, Inc. (TCI), a leading provider of loan origination solutions for credit unions, banks and finance companies, has expanded its partnership with Dealertrack to enable its network of lenders to increase the speed, accuracy and efficiency of their automotive paper contract processing & funding operation by turning it completely digital.

This expanded partnership integrates TCI’s DecisionLender 4 loan origination system (LOS) with Dealertrack’s Digital Document Services to enable expedited funding by replacing lenders’ time-consuming paper processing operation with a consistent, streamlined digital workflow that guarantees same-day turnaround and 99 percent data accuracy for all funding packages received each day.1

With financing continuing to significantly outweigh cash sales at dealerships — and according to data from Experian2 85 percent of new-car buyers and more than half of used-car buyers finance their purchase — this new integration in DecisionLender 4 enables a solid and fully paperless digital contracting solution for all of TCI’s auto lenders, helping them expedite funding, keeping their own operational costs in check, and enhancing their dealer relationships by supporting their free cash flow need.

“Through our long-standing partnership with Dealertrack, which enables real-time auto loan decisions for our lender clients, we view this expanded integration to digitize contract packages as the next evolution in our lenders’ best-in-class dealer service journey,” said Bill Nass, president and founder of TCI. “Dealers want lenders funding contracts as fast as possible. By taking all paper funding packages to a same-day turnaround digital delivery model — no matter the volume — this integration allows our lenders to do just that. When lenders adopt the paper-to-digital process, they see complete contract data needed to approve the loan in their LOS, and dealers see contracts approved and funded faster, which keeps their free cash flowing.”

“At Dealertrack, we’re continuously working to expand our partnerships with lender platforms to ensure all lenders have the resources they need to drive greater funding efficiency and strong dealer relationships,” said Todd Hutto, AVP Operations, Dealertrack Digital Document Services. “Through our latest integration with TCI, more lenders can optimize their business operations and put more time toward what matters most — funding loans and maximizing profit.”

_____________________

1 Data entry accuracy determined on a weekly basis through review of random sampling of contracts per lender and as outlined in Lender agreement.

2 State of the Automotive Finance Market, Q3 2018, Experian

About Teledata Communications, Inc.

Founded in 1982, Teledata Communications, Inc (TCI) is the provider of DecisionLender 4, a complete consumer loan origination system (LOS) and deposit account opening product for direct, indirect, and online lending that simplifies the entire loan origination process. Since inception, DecisionLender 4 was designed as a cloud-based loan origination solution, and with its flexibility and configurability, it allows online and traditional lenders to quickly adapt to an ever evolving marketplace. With responsive design, DecisionLender 4 conforms to any mobile device for on-the-go underwriting opportunities, and your customers can easily connect to the consumer portal via their smart phone to submit an online loan application.

About Dealertrack

Dealertrack provides industry-leading software solutions that give dealerships and lenders the confidence to thrive in an ever-changing automotive market. The company’s integrated suite of powerful but easy-to-use products helps dealerships and their lending partners grow by increasing efficiency and improving decision-making. Dealertrack is part of the Cox Automotive family, a company that is transforming the way the world buys, sells, owns and uses cars. Dealertrack—along with its unmatched network of dealership and lending partners—is improving the car buying experience by embracing the technologies that will shape the future of automotive retail. For more information about Dealertrack, visit www.dealertrack.com.

About Cox Automotive

Cox Automotive Inc. makes buying, selling, owning and using cars easier for everyone. The global company’s 34,000-plus team members and family of brands, including Autotrader®, Clutch Technologies, Dealer.com®, Dealertrack®, Kelley Blue Book®, Manheim®, NextGear Capital®, VinSolutions®, vAuto® and Xtime®, are passionate about helping millions of car shoppers, 40,000 auto dealer clients across five continents and many others throughout the automotive industry thrive for generations to come. Cox Automotive is a subsidiary of Cox Enterprises Inc., a privately-owned, Atlanta-based company with revenues exceeding $20 billion. www.coxautoinc.com

###

Manheim Tucson Becomes Company’s First 100 Percent Digital Site

To drive greater efficiencies for clients while helping to create a safer auction experience, Manheim debuted its first all-digital auction with a ribbon-cutting on Wednesday, May 22, at its Manheim Tucson location. The new four lane format is a live auction where vehicles remain parked in designated spots and are offered for sale digitally by an auctioneer via oversized monitors featuring enhanced images, barcode price scanning capability and condition report information.

This innovative auction experience provides a digitally advanced, comfortable setting where buyers and sellers can bid in person or online using Manheim Simulcast. The inaugural sale included more than 300 online and in-lane bidders and achieved an approximate 76% sales conversion rate.

“Bringing the excitement of the auction to clients in a live, all-digital format is a key move in our broader digital strategy,” said Grace Huang, president of Manheim. “With advanced vehicle information and imaging, we are able to deliver digital solutions that create greater confidence and efficiencies while delivering a safer auction experience for everyone.”   

Manheim’s first all-digital auction is a natural evolution of its digital strategy. While Manheim Tucson is the first site to implement this new technology for an all-digital auction, Manheim has been adopting digital lanes at sites across the U.S. with more than 100 already in place.

Manheim Tucson predominantly handles dealer vehicles under $5,000, which can be challenging to sell through digital channels such as Manheim Simulcast. Manheim Tucson was chosen to prove that an all-digital auction could appeal to all types of buyers and work for all vehicle price points by creating a digital experience as close as possible to a physical sale.

With its first sale completed and with very positive reaction from dealers, the location is preparing for its Digital Debut Grand Celebration on Wednesday, June 5. On this day, the team will run a Total Resource Auctions sale at 9:30 a.m. and their regular sale at 10:00 a.m. Giveaways will be provided to the first 200 attending dealers along with special sale incentives.  

“I see the benefits and efficiency of digital lanes. No emissions in the lanes, and the increased safety that comes with moving to a digital auction help prevent accidents from happening in physical lanes,” said Vinnie Da Cruz of Simply Sell it Now, located in Tempe. “In an industry such as the reselling of automobiles, to not accept technological growth is almost certain death.”

The location’s all-digital launch supports Manheim’s goal to offer clients greater choice, tools and convenience when doing business in the Manheim Marketplace. The company’s mobile app, Manheim Express, also serves as a digital tool where dealers can access the largest wholesale marketplace to buy or list vehicles directly from their smartphones. Both solutions were created to address the increased demand from Manheim’s clients to conduct more transactions digitally. Nearly half of all vehicles sold by Manheim in 2018 were through digital channels, a trend that is expected to increase this year.

“Our team was so excited to be part of creating a new chapter in our company’s history,” said John Duplanty, general manager, Manheim Tucson. “Our main priority was to work closely with our clients, preparing them for the change and help them realize higher conversion and retention performance. This has been a big win for our buyers and sellers.”

While Tucson is Manheim’s first all-digital site, it could be an early indicator of the wholesale digital marketplace’s future.

“I think going with digital auctions – without driving the cars through the lanes – is a brave move the rest of the auction industry will look up to,” said Wail Abushaar, dealer principle at Pioneer Automotive, located in Tucson.

Will forgive one dealer loan for every business day in June

Carmel, Ind., June 4, 2019 — Throughout the month of June, NextGear Capital will be thanking dealers across the country for their partnership by forgiving 20 loans and surprising four clients with customized golf carts. These efforts are aimed at recognizing the company’s independent dealer client-base for their continued partnership and contributions to the industry.

“At NextGear Capital, we are committed to investing in independent dealers. We truly believe that our client’s success is our success and appreciate the trust that so many of them place in us,” Shane O’Dell, president of NextGear Capital stated. “And although I’d like to think we celebrate our partnership all year long, we’re always particularly excited when June rolls around.”

As the largest independent inventory finance company in North America, NextGear Capital provides services and support to more than 20,000 dealers. Accompanying the month-long celebration by NextGear Capital will be a social media campaign focused on reinforcing the thank you messaging through shared reactions of those selected for loan forgiveness and golf carts.

NextGear Capital Thank You Month was established in June of 2018 when the company dedicated an entire month solely to thanking their independent dealer clients. Transitioning from prizes such as Apple TVs, Xbox gaming consoles and Amazon Fire Sticks, NextGear Capital will be focused solely on loan forgiveness in 2019 as the ultimate way to show its appreciation for dealers.

For more information plus terms and conditions for NextGear Capital Thank You Month, please visit nextgearcapital.com/thankyou  

ATLANTA, May 21, 2019 -- After years of late nights in the library and the local pizza shop, a new set of graduates is finally ready to enter the "real world." Now, they just need the right car to get them there. Against the backdrop of rising car prices and looming student loan debt, the editors at Autotrader have identified the 10 Best Cars for Recent College Graduates in 2019 – options that are affordable and appealing.

"Entering the next phase of their lives, many college graduates are looking for a vehicle that is reliable, safe and fun to drive," said Tara Trompeter, managing editor of Autotrader. "Whether commuting to work or picking up a date, finding the perfect vehicle at the right price can be a challenge for these young adults. All of the vehicles selected provide an entry-level car that will have recent graduates riding in style as they begin their new journey."

10 Best Cars for Recent College Graduates in 2019

2012-2017 Jeep Wrangler

Making its way on the market well before these graduates were in middle school, the Jeep Wrangler JK generation is perfect for young adults who want to do some off-roading and like the classic utilitarian look. The vehicle received an update in 2012 to feature a more powerful V6 engine, automatic transmission and standard four-wheel drive.

2014-2019 Kia Soul

While the Kia Soul is all-new for 2020 and might be a bit out of price range, the outgoing second-generation model is affordable, spacious and reliable when it comes to safety and style.

2015-2019 Ford Mustang

The Ford Mustang began its current generation in 2015 with big improvements on the interior design and quality. Available as a coupe or convertible with automatic or manual transmission, the Ford Mustang is a great way for a college graduate to enjoy a quick, sporty car before family life kicks in.

2015-2019 GMC Canyon

The GMC Canyon is a great option for college graduates who like the idea of a truck, but don't want something that is too big and thirsty for gas. Beware: your friends might call you when it's time to move out of their dorm after the festivities!

2015-2019 Honda Fit

Don't be fooled by the Fit's subcompact proportions! This vehicle has a huge reconfigurable interior with a back seat that is roomier than several cars that are a size bigger.

2016-2019 Chevrolet Volt

With an impressive all-electric range of 53 miles and a modern interior, the Chevy Volt is a fantastic plug-in hybrid that is perfect for environmentally conscious drivers or anyone trying to save on fuel costs.

2016-2019 Hyundai Tucson

Featuring a roomy, quiet interior and high reliability ratings, the Hyundai Tucson is the best bang for your buck in a used compact SUV.

2016-2019 Toyota Prius

While the Toyota Prius might not be the coolest looking vehicle to impress your date, it is simply one of the most practical a recent grad can buy. Equipped with safety features, decent sized cargo area and affordability, the Toyota Prius is a great option.

2017-2019 Mazda CX-5

As a class leader, the Mazda CX-5 will make drivers feel like they're in a much more expensive vehicle from the smooth ride, sharp handling and roomy, comfortable seats.

2018-2019 Subaru Crosstrek

Offering a light off-roader with better road manners, the Subaru Crosstrek comes with symmetrical all-wheel drive, spacious back seats and good gas mileage. This car is perfect if you want to go camping with a couple of friends and not worry about how much you'll have to spend at the pump. *

To learn more about the 10 Best Cars for Recent College Graduates in 2019, including photos, vehicle information and available inventory, visit https://www.autotrader.com/best-cars/best-cars-recent-college-graduates-2019-edition-281474979928838.

For more information and news from Autotrader, visit press.autotrader.com, follow us on Twitter at https://twitter.com/Autotrader_com (or @Autotrader_com), Instagram at https://www.instagram.com/autotrader_com/ (or @autotrader_com), like our page on Facebook at https://www.facebook.com/autotrader/, add us on Snapchat (@Autotrader_com)

About Autotrader

Autotrader is the most recognized third-party car listings brand, with the most engaged audience of in-market car shoppers. As the foremost authority on automotive consumer insights and expert in online and mobile marketing, Autotrader makes the car shopping experience easy and fun for today's empowered car shopper looking to find or sell the perfect new, used or Certified Pre-Owned car. Using technology, shopper insights and local market guidance, Autotrader's comprehensive marketing and retailing solutions allow consumers to build their deal online, and guide dealers to personalized digital marketing strategies that grow brand, drive traffic and connect the online and in-store shopping experience. Autotrader is a Cox Automotive™ brand. Cox Automotive is a subsidiary of Cox Enterprises. For more information, please visit http://press.autotrader.com

About Cox Automotive

Cox Automotive Inc. makes buying, selling and owning cars easier for everyone. The global company's 34,000-plus team members and family of brands, including Autotrader®, Dealer.com®, Dealertrack®, Kelley Blue Book®, Manheim®, NextGear Capital®, VinSolutions®, vAuto® and Xtime®, are passionate about helping millions of car shoppers, 40,000 auto dealer clients across five continents and many others throughout the automotive industry thrive for generations to come. Cox Automotive is a subsidiary of Cox Enterprises Inc., a privately-owned, Atlanta-based company with revenues exceeding $20 billion. www.coxautoinc.com

* Models unranked listed by model year and alphabetized by manufacturer

ATLANTA, May 16, 2019 -- There's no worse feeling than falling in love with a vehicle and later having your heart broken from sticker shock. In today's market, the average new car costs nearly $37,000. While this figure might be alarming, consumers can still drive away in their dream car without going over budget by taking advantage of certified pre-owned (CPO) programs. With so many programs to choose from, the experts at Autotrader have identified the 10 Best Non-Luxury CPO Programs and 10 Best Luxury CPO Programs for 2019 to narrow shopping lists and give consumers a sense of security, but at a more affordable price.

"Certified pre-owned programs offer consumers amenities that rival those of many new cars, thanks to manufacturer-backed warranties and rigorous inspection processes. While all CPO programs are great, some stand out from the crowd," said Brian Moody, executive editor of Autotrader. "Hyundai and Lexus won our vote for the top spots in their classes for the second consecutive year due to great warranty coverage and amazing perks should anything go wrong."

10 Best Non-Luxury CPO Programs for 2019*

10 Best Luxury CPO Programs for 2019*

*Additional programs listed alphabetically below the Overall Winner

Hyundai's CPO program is a clear leader in the non-luxury pack, primarily for its 10-year or 100,000-mile powertrain warranty, the balance of which transfers to the CPO vehicles. Hyundai requires a $50 deductible for all covered repairs, but CPO coverage is fully transferable. Other benefits include a free CARFAX history report, free roadside assistance and trip interruption coverage of $100 per day for up to five days when at least 150 miles from home. 

Our choice for Lexus' program among luxury vehicles was clear: The CPO warranty adds 2 years and unlimited mileage to the remaining balance of the original 4-year or 50,000-mile bumper-to-bumper new-car warranty (which includes powertrain coverage). Lexus CPO vehicles also offer four free scheduled maintenance visits, complimentary loaner cars during covered repairs and free roadside assistance. 

The 2019 10 Best Non-Luxury and Luxury CPO Programs were identified based on a series of factors, including powertrain warranty length (with a minimum of six years or 100,000 miles of coverage from the original sale date), available inventory, bumper-to-bumper warranty coverage and transferability to future vehicle owners.

To learn more about the 10 Best Non-Luxury and Luxury Certified Pre-Owned Programs from Autotrader's expert editors, including full coverage and available inventory, visit https://www.autotrader.com/best-cars/10-best-non-luxury-certified-pre-owned-programs-2019-281474979924303 and https://www.autotrader.com/best-cars/10-best-luxury-certified-pre-owned-programs-2019-281474979924301.

For more information and news from Autotrader, visit press.autotrader.com, follow us on Twitter at https://twitter.com/Autotrader_com (or @Autotrader_com), Instagram at https://www.instagram.com/autotrader_com/ (or @autotrader_com), like our page on Facebook at https://www.facebook.com/autotrader/, add us on Snapchat (@Autotrader_com).

About Autotrader
Autotrader is the most recognized third-party car listings brand, with the most engaged audience of in-market car shoppers. As the foremost authority on automotive consumer insights and expert in online and mobile marketing, Autotrader makes the car shopping experience easy and fun for today's empowered car shopper looking to find or sell the perfect new, used or Certified Pre-Owned car. Using technology, shopper insights and local market guidance, Autotrader's comprehensive marketing and retailing solutions allow consumers to build their deal online, and guide dealers to personalized digital marketing strategies that grow brand, drive traffic and connect the online and in-store shopping experience. Autotrader is a Cox Automotive™ brand. Cox Automotive is a subsidiary of Cox Enterprises. For more information, please visit http://press.autotrader.com.  

About Cox Automotive
Cox Automotive Inc. makes buying, selling and owning cars easier for everyone. The global company's 34,000-plus team members and family of brands, including Autotrader®, Dealer.com®, Dealertrack®, Kelley Blue Book®, Manheim®, NextGear Capital®, VinSolutions®, vAuto® and Xtime®, are passionate about helping millions of car shoppers, 40,000 auto dealer clients across five continents and many others throughout the automotive industry thrive for generations to come. Cox Automotive is a subsidiary of Cox Enterprises Inc., a privately-owned, Atlanta-based company with revenues exceeding $20 billion. www.coxautoinc.com

IRVINE, Calif., May 15, 2019  -- While the average new car on the road today costs nearly $37,000, there are still plenty of vehicle options available at a more affordable price that don't sacrifice comfort and style. The expert editors at Kelley Blue Book name the 10 Coolest New Cars Under $20,000 for 2019, proving you can find a dynamic and less expensive vehicle that still turns heads. The 2019 Kia Soul takes the No. 1 spot on this year's list.

"Stylish designs, affordable price points, and loaded with technology and safety features – this year's Coolest Cars check all the boxes for today's car shoppers," said Michael Harley, executive editor for Kelley Blue Book. "With functional and fashionable looks inside and out, the Kia Soul tops this year's list with its alluring combination of bold style, SUV-like versatility, practicality, and low ownership costs."

Two longstanding criteria – that the vehicle is both fun to drive and fun to own – are critical among the deciding factors of what Kelley Blue Book editors freely admit is a very subjective "cool factor," which is also the over-arching No. 1 criterion for a vehicle to place on this list. Each vehicle is available for purchase starting at $20,000 or less*, using Kelley Blue Book's exclusive Fair Purchase Price as the yardstick. Kelley Blue Book® Fair Purchase Price and Fair Market Range are part of KBB.com's Price Advisor tool, showing what consumers can reasonably expect to pay this week in their area for a new vehicle when purchasing from a dealer. Factors such as current market conditions, vehicle availability, local demand, and seasonal buying trends all help determine a vehicle's Fair Market Range and Fair Purchase Price. 

To see KBB.com's full coverage of the 10 Coolest New Cars Under $20,000 for 2019, including full editorial comments about each model, pricing details, vehicle photography, inventory and more, visit https://www.kbb.com/car-news/coolest-new-cars-under-20000/2100005410/.

For more information and news from Kelley Blue Book's KBB.com, visit www.kbb.com/media/, follow us on Twitter at www.twitter.com/kelleybluebook (or @kelleybluebook), like our page on Facebook at www.facebook.com/kbb, and follow us on Instagram at https://www.instagram.com/kbb_com/ (or @kbb_com).

*Vehicles appearing on Kelley Blue Book's 2019 10 Coolest New Cars Under $20,000 list were available for less than$20,000 according to regional Kelley Blue Book Fair Purchase Prices as of May 10, 2019.

About Kelley Blue Book (www.kbb.com)
Founded in 1926, Kelley Blue Book, The Trusted Resource®, is the vehicle valuation and information source trusted and relied upon by both consumers and the automotive industry. Each week the company provides market-reflective values on its top-rated website KBB.com, including its famous Blue Book® Trade-In Values and Kelley Blue Book® Price Advisor tool, which provides a range for what consumers can reasonably expect to pay for a vehicle in their area. Car owners looking to sell immediately can also get a redeemable, transaction-ready offer with Kelley Blue BookSM Instant Cash Offer. The company also provides vehicle pricing and values through various products and services available to car dealers, auto manufacturers, finance and insurance companies, and governmental agencies. Kelley Blue Book is a Cox Automotive brand.

About Cox Automotive
Cox Automotive Inc. makes buying, selling, owning and using cars easier for everyone. The global company's 34,000-plus team members and family of brands, including Autotrader®, Clutch Technologies, Dealer.com®, Dealertrack®, Kelley Blue Book®, Manheim®, NextGear Capital®, VinSolutions®, vAuto® and Xtime®, are passionate about helping millions of car shoppers, 40,000 auto dealer clients across five continents and many others throughout the automotive industry thrive for generations to come. Cox Automotive is a subsidiary of Cox Enterprises Inc., a privately-owned, Atlanta-based company with revenues exceeding $20 billion. coxautoinc.com

Ride.Tech website provides news, editorial features and video content on fast-evolving transportation technology

IRVINE, Calif., May 14, 2019 -- Kelley Blue Book today unveiled Ride, an all-new website built to help educate and empower consumers about the technology that is rapidly transforming the movement of people and goods today and in the future.

Kelley Blue Book is the most-used third-party site by car shoppers with the majority of consumers visiting KBB.com during the car-buying process1. Ride extends Kelley Blue Book's award-winning editorial content and trusted reputation with an added focus on forward-thinking topics, including everything from ride-hailing, car-sharing, car subscription and micro-mobility to electric vehicles (EV), advanced driver-assistance systems, self-driving technology and flying cars.

The demand for alternative mobility solutions is already building. One-third of consumers say they are open to new transportation methods, rather than owning their vehicle, according to the 2018 Cox Automotive Evolution of Mobility Study.

"Consumers are clearly interested in new methods of transportation that provide more efficient, affordable or convenient alternatives to their current Point A to Point B travel needs, but with technology moving so fast, it's difficult to keep up," said Karl Brauer, executive publisher of Kelley Blue Book. "Ride by Kelley Blue Book offers thoughtful content that cuts through the clutter to keep consumers up to speed on the mobility services that best fit their lifestyle."

Ride includes an array of informational and educational editorial and video content from some of the automotive industry's leading reporters and analysts, with dedicated sections focused on the following technology transportation topics:

• Electric & Hybrid: Features on production and concept electric vehicles and motorcycles as well as battery charging and the latest news on mobility investments being made in the EV category.
• Self-Driving: Insights and editorial on the autonomous technology impacting a driverless future.
• Mobility Lifestyle: A mix of content spanning micro-mobility (i.e. scooters and e-bikes), drone delivery services and flying taxis.
• Best Rides & More: Reviews, top lists and guidance on buying and alternative ownership.

Ride also will be working with a collection of lifestyle contributors to create relevant content. Actress and television correspondent, Alison Haislip, well known for her past work with "Attack of the Show!," "BattleBots," and "American Ninja Warrior," will host regular video features for Ride. In addition, the site plans to provide tools and calculators to help consumers understand the mobility options and services that best fit their personal and financial needs.

For more information about Ride by Kelley Blue Book, visit https://ride.tech/, follow us on Twitter at https://twitter.com/RideTechNews (or @RideTechNews), like our page on Facebook at https://www.facebook.com/ridetechnews, and follow us on Instagram at https://www.instagram.com/ridetechnews/ (or @RideTechNews).

About Kelley Blue Book (www.kbb.com)

Founded in 1926

, Kelley Blue Book, The Trusted Resource®, is the vehicle valuation and information source trusted and relied upon by both consumers and the automotive industry. Each week the company provides market-reflective values on its top-rated website KBB.com, including its famous Blue Book® Trade-In Values and Kelley Blue Book® Price Advisor tool, which provides a range for what consumers can reasonably expect to pay for a vehicle in their area. Car owners looking to sell immediately can also get a redeemable, transaction-ready offer with Kelley Blue BookSM Instant Cash Offer. The company also provides vehicle pricing and values through various products and services available to car dealers, auto manufacturers, finance and insurance companies, and governmental agencies. Kelley Blue Book is a Cox Automotive brand.

About Cox Automotive

Cox Automotive Inc. makes buying, selling, owning and using cars easier for everyone. The global company's 34,000-plus team members and family of brands, including Autotrader®, Clutch Technologies, Dealer.com®, Dealertrack®, Kelley Blue Book®, Manheim®, NextGear Capital®, VinSolutions®, vAuto® and Xtime®, are passionate about helping millions of car shoppers, 40,000 auto dealer clients across five continents and many others throughout the automotive industry thrive for generations to come. Cox Automotive is a subsidiary of Cox Enterprises Inc., a privately-owned, Atlanta-based company with revenues exceeding $20 billion. coxautoinc.com

1 2019 Cox Automotive Car Buyer Journey Study

For further information: Andrew Nicolai, 949-293-5241, andrew.nicolai@coxautoinc.com; Brenna Buehler, 909-225-4643, brenna.buehler@coxautoinc.com

Shopping for a new car can be like going on a first date. You’re excited about the prospects of what’s ahead but anxious to get more details and find out whether things will work out long-term. Unfortunately, both experiences can leave you stressed out, instead of enjoying the process.

In the case of car shopping, high prices often spike anxiety. While consumers love all the features that a new car offers, price has become an issue, now averaging around $35,000 or $40,000 for new vehicles. As budget-minded car shoppers look for more choices, certified pre-owned (CPO) vehicles are becoming an attractive option, evidenced by the record 2.7 million CPO vehicle sales in 2018, according to Cox Automotive economists.

Dealerships can also benefit from these programs. By meeting manufacturer guidelines and touting certifications, dealerships can provide compelling alternatives to car shoppers who are suffering from sticker shock and frustrated by the car-buying experience. If the value of CPO vehicles is properly conveyed, dealerships can capitalize on the opportunity and earn more profit per vehicle than a new car sale.

Touting Your Certifications 

The emphasis on CPO programs is even more relevant with new generations of car shoppers entering the market. As more millennials begin to buy cars, dealerships need to adapt to their needs. Millennials would rather have a three or four-year-old luxury vehicle than a brand-new economy car. This means dealerships need to switch gears and meet the consumers needs.

While the term “used car” is not appealing, certified pre-owned vehicles can be separated from the crowd. They go through a rigorous inspection process from the manufacturer to be labeled as certified pre-owned. These vehicles then come with a manufacturer-backed warranty as well as a new car look and feel after reconditioning. The average person would think you just bought a new vehicle, but you’re in on the secret that it was a better price!

Dealerships need to make consumers feel comfortable by clearly stating and providing all the details of these warranties. Consumers don’t want to purchase a vehicle just outside of its warranty period and potentially be on the hook for a battery or water pipe replacement. CPO warranty programs give consumers peace of mind, backed up with a real, tangible and typically long-term coverage with lots of miles or years remaining.

Capitalizing on New Customers

If properly marketed and communicated to car shoppers, certified pre-owned programs are an excellent opportunity to get consumers onto your lot that wouldn’t normally be there. With the growing popularity of these programs, almost every type of vehicle is available.

CPO programs provide a great opportunity for dealers to help consumers overcome the challenges of rising new car prices and get into a vehicle they thought was out of their reach. After all, wouldn’t it be nice to help car shoppers get into the vehicle they had their hearts set on, along with a price that doesn’t let them down? That’s the kind of car-buying process that turns the “first-date” of the car-shopping process into a long-term commitment that leaves everyone happy.

Brian Moody is the executive editor for Autotader.

After what has been a long, snowy winter for many across the country, spring is finally here! That means it is time for an annual dose of spring cleaning. Spring cleaning isn’t just for the storage shelves in your garage and that closet of random items, though. Most dealership CRMs could use a good spring cleaning too.

For a CRM to do your dealership any good, your team has to actually use it. Just like the miscellaneous pile of poorly-writing promotional ink pens and out-of-date pizza menus keep you from getting to the one thing you actually need in the junk drawer, the clutter that can build up in your CRM can keep you from being able to properly use the tool.

Your dealership and your customers are always changing, so the way you use your CRM should always be evolving too. There are three key areas in your CRM that could probably use a good spring cleaning: your data, your processes and your training.

Your Data
In conversations about CRMs, you’ve likely heard the phrase, “Garbage in, garbage out.” It is said often for a reason; it’s true, and it’s important. Keeping your data tidy is critical to CRM success, and the cost of failing to keep your data clean is high.

Bad data costs quickly add up. First, there are the opportunity costs. With missing or inaccurate data, such as a wrong phone number, you miss out on sales opportunities. Second, there are the wasted marketing costs. Sending customers promotions in the mail can be a valuable marketing tool – but only if you keep their physical addresses updated. If customers’ addresses aren’t up-to-date, you might as well be tossing dollar bills out the window. Finally, there are the lost productivity costs. If your salespeople are directing half of their follow-up to incorrect email addresses and phone numbers, half of their time is wasted.

Even the most stringent of CRM users likely accumulate some garbage data over a year’s time, so take stock of what you have and clean up what’s not right.

Your Processes
Your CRM should work for you, not the other way around. Take the time to ask yourself if your current CRM gives you the flexibility to customize processes to best fit your needs.  

There is some trial and error involved with getting processes right, so do some spring cleaning of every process you have built in your CRM. You may find that you don’t need some of the processes you currently have, or that there are big gaps that you need to build new processes to fill.

Start your process spring cleaning by looking at overdue tasks. Too many overdue tasks often indicate that your processes are overly complicated or unrealistic. On the flip side, if you do not have any overdue tasks, your processes are probably not complex or thorough enough.

Your Training Programs
I see many dealerships begin and end their CRM training with new hire onboarding. Training new hires is critical to CRM success, but new hire training alone isn’t enough. To keep utilization high, CRM training must be ongoing. High CRM utilization means high ROI, so it is worth cleaning up your training programs this spring.

To begin your training clean up, think about common problem areas in your dealership. Could the root cause of any of those problems be solved with training? For many dealerships, key CRM issues are caused by poor utilization, not the tool itself.

A good CRM is always changing, and people are forgetful, so it is critical to work regular training into your staff’s responsibilities. Be realistic about it, though, and start small. If you only have training once a quarter currently, try shooting for once a month.

It’s also important to take advantage of the training resources you have at your disposal through your CRM provider, such as online training sessions, in-person conferences and performance managers. The dealers that are most successful with their CRM are the ones who take advantage of all of this training and take it seriously.

This spring, give your CRM a good spring cleaning, and start seeing even greater success.

Mark Vickery is senior director of performance management for VinSolutions.

This is a blog post by Tracy Fred, vice president and general manager,  Xtime.  

With the SAAR dropping below 17 million in February for the second month in a row and tightening new and existing competition top of mind, the stakes are higher than ever for each dealer-customer interaction. Now accounting for 49 percent of dealership profits according to NADA research, fixed operations done right is vital to protecting a dealership’s bottom line and cultivating customer loyalty and retention.

According to the 2018 Cox Automotive Service Industry Study, 74 percent of customers who visited a dealership in the last 12 months for service are likely to return to purchase their next vehicle. However, a major challenge has surfaced. While customers are willing to drive 11 miles or more to purchase a car, most aren’t willing to drive that same distance to service their vehicle and list “not a convenient location” as a top reason for bypassing the dealership of purchase for service.

How can dealerships overcome this 11-mile barrier? It turns out the answer may be lying in plain site as an app on your smartphone.

Previous fears of ride-sharing services eating into dealership new car sales has turned into new opportunity for many dealers, especially in the service department. More dealers are starting to flip the script and incorporate ride-sharing into their fixed operations to save on costs and deliver a more flexible and convenient customer experience in an effort to improve one of the most profitable parts of their business.

Bringing new mobility solutions to fixed operations is critical to closing the distance gap between the consumer and dealer service department. Adapting these new solutions will be particularly important to win over the fastest growing generation of car buyers today — Millennials. In fact, the 2018 Cox Automotive Evolution of Mobility Study found that more than half of Millennials are using ride-hailing services.

Today, consumers have a plethora of ride-sharing resources, such as Lyft, a ride-sharing app that is offered in more than 300 U.S. cities and enables fare-splitting, carpool services and fair pricing during busy hours. Dealers need to lean into these cultural shifts and evolving preferences to maintain relevancy with consumers and deliver the ease and efficiency they’ve become accustomed to.

Incorporating ride-sharing services into the service department will help reduce customer wait times by enabling flexible, on-demand transportation to and from the dealership. Better yet, some integrations enable dealerships to let customers select ride-sharing as a transportation option during the service scheduling process. Not only can these integrations save dealerships money, as they no longer need to pay for a full-time shuttle service and affiliated costs, but they also increase customer satisfaction by creating a more accommodating and seamless experience.

Embracing technology and tapping into the next generation of car-buyers will enable dealers to sustain profits for years to come. As service continues to be a crucial revenue stream, dealerships need to close the distance gap to ensure they continue to be the preferred provider for vehicle maintenance and repair. By leveraging ride-sharing options, dealerships can stay ahead of the curve in the rapidly changing mobility landscape.